Starbucks Drive Thru, Intu Merry Hill, Pedmore Road, Brierley Hill, DY5 1QX
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£2,188,750
Apr 2021
Altair Developments, represented by Atlas Real Estate, has exchanged contracts with a private investor, on the forward funding of a new Starbucks Drive Thru unit at Merry Hill Shopping Centre, Brierley Hill.
Construction on the unit has commenced with practical completion expected in October 2021.
The drive-thru unit is pre-let to Starbucks Coffee Company (UK) Ltd for a term of 15 years from practical completion. The lease is subject to 5 yearly upward only reviews to RPI collared at 1% and capped at 4% per annum compounded. The commencing rent will be £120,000 per annum (£54.54 per sq.ft).
The development funding sold for £2,188,750 which reflected a net initial yield of 5.25%. Mark Atkins Associates represented the purchaser.
